/HVVRQ 7+(3$7+),1'(56 7KH3DOHRLQGLDQ3HULRG EHIRUH%& +DUGDZD\ VSHDU SRLQW IURP 6WDQO\ &RXQW\ 1RUWK &DUROLQD FD %& ,QWKHHDUO\HYHQLQJWZLOLJKW2WWHUZDOORZVWRRGRQDZLQG\ULGJHDQGGUDQNLQWKHYLHZ 7KHFROGZLQGVWXQJKHUIDFH8QOLNHWKHORZUXJJHGPRXQWDLQVVKHDQGKHUIDPLO\KDG MXVWFURVVHGWKHODQGVWUHWFKLQJEHIRUHKHUUROOHGJHQWO\6WDQGVRIWDOOQXWEHDULQJWUHHV FRYHUHGWKHKLOOV7KHEULVWOLQJDLUVHQWVKRZHUVRIWKHLUKDUGEURZQIUXLWVFODWWHULQJWRWKH JURXQG,QSODFHVJODGHVLQWHUUXSWHGWKHWUHHV©EODFNVKDGRZVDQGJOLPPHUHGLQWKHIDGLQJ OLJKW 7KHJODGHV©ZDYLQJJUDVVHVUHPLQGHG2WWHUZDOORZRIWKHFRXQWU\QRUWKZHVWRIWKHP ZKHUHKHUDQGKHUKXVEDQG©VJUDQGSDUHQWVKDGOLYHG$VKHUH\HVGULIWHGEDFNWRWKHDUHD MXVWEHORZWKHULGJH2WWHUZDOORZVDZFDULERXDQGGHHUHDWDQGGULQNRQWKHIORRGSODLQVRI DEURDGVZLIWULYHU+HUHVKHGHFLGHGZDVDJRRGSODFHIRUKHUIDPLO\WRPDNHFDPS IRRGDQGZDWHUZHUHSOHQWLIXO %DFNLQJDZD\IURPWKHULGJH©VHGJHWRDSODFHSURWHFWHGIURPWKHFROGHVWZLQGV 2WWHUZDOORZZDLWHGIRUKHUIDPLO\WRFRPH7KH\GLGQRWWDNHORQJ2WWHUZDOORZKDGMXVW VOLSSHGRIIKHUIRUHKHDGWKHZLGHOHDWKHUEDQGEDODQFLQJWKHFDUU\EDVNHWRQKHUEDFN ZKHQVKHUHFRJQL]HGWKHLUIRRWIDOOV7KRXJKWKHZLQGPDGHWKHWUHHV©UHGDQGJROGOHDYHV UXVWOHORXGO\VKHFRXOGKHDUWKHPFODPEHULQJXSWKHVWHHSIRUHVWHGVORSHDORQJWKHDQLPDO SDWK 2WWHUZDOORZKDGMXVWORZHUHGKHUEDVNHWILOOHGZLWKIRRGDQGKLGHVZKHQKHUFKLOGUHQ SXVKHGDVLGHEUDQFKHVDQGEXUVWLQWRWKHRSHQLQJ)LUVW/LJKWDJLUOERUQZKHQWKHEXIIDOR FDOYHGVL[VHDVRQVDJRDQG%HDU©V(\HVDER\ERUQWKHVHDVRQEHIRUHUDQWRZDUGKHU 7KH\KXJJHGKHUTXLFNO\DQGWKHQVWDUWHGSRNLQJWKURXJKWKHEDVNHWIRUVWULSVRIGULHGPHDW WRHDW2WWHUZDOORZ©VKXVEDQG/DPH:ROIZDVQRWIDUEHKLQG+HSXVKHGLQWRWKHRSHQLQJ DQGWKHQVWRSSHGDWWKHIRUHVWHGJH&DWFKLQJ2WWHUZDOORZ©VH\HKHVPLOHGDQGZDYHG 7KHQKHVHWKLVORQJZRRGHQVSHDUVKDIWRQHQGOHDQHGRQLWDQGWXUQHGWRORRNEDFNGRZQ WKHWUDLO ¦<RXDUHVORZOLNHWKHVQDNHZKRZDNHVLQZLQWHU§KHVKRXWHGGRZQWKHSDWK9RLFHV FDOOHGEDFN2WWHUZDOORZFRXOGQRWKHDUZKDWWKH\VDLGEXWWKH\UDQJZLWKODXJKWHU7KH MRNLQJZDVDJDPHEHWZHHQ/DPH:ROIDQGKLV\RXQJHUEURWKHU(DJOH(DJOHDOZD\V ODJJHGEHKLQGZKHQWKHIDPLOLHVWUDYHOHG(YHQZKHQ/DPH:ROIJRWKLVQHZQDPHDIWHUWKH EXIIDORFUXVKHGKLVIRRWKHFRXOGRXWSDFHKLVEURWKHU7R/DPH:ROI©VDPXVHPHQW(DJOH JRWVORZHUDIWHUKHPDUULHG5HG%ORVVRP6RPXFKVRWKDW/DPH:ROIWHDVHGGXULQJ HYHQLQJFDPSVLWZDVWLPHWRFKDQJHKLVEURWKHU©VQDPHWR7XUWOH(DJOHLJQRUHGWKH FKLGLQJHVSHFLDOO\QRZWKDW5HG%ORVVRPKDGDEDE\VWUDSSHGWRKHUEDFN ,175,*8( 2) 7+( 3$67 2WWHUZDOORZVDWDQGUHVWHGZKLOHVKHZDWFKHGKHUKXVEDQG2QHHDUZDVFRFNHGWRZDUG KHUFKLOGUHQ©VYRLFHVDVWKH\H[SORUHGWKHULGJH6RRQ(DJOHDQGKLVIDPLO\EURNHLQWRWKH FOHDULQJ:KHQWKH\PHWWKHPHQJUDVSHGHDFKRWKHUVDUPVODXJKLQJZKLOH5HG%ORVVRP SDVVHGDQGOHGWKHZD\WRZDUG2WWHUZDOORZ$IWHUVKHGURSSHGKHUSDFN5HG%ORVVRP ZDONHGZLWK2WWHUZDOORZWRWKHRYHUORRN ¦<HV§VKHDJUHHG¦7KLVLVDJRRGSODFH/HW©VVWD\DZKLOH§ /DWHUDV2WWHUZDOORZ©VFKLOGUHQFROOHFWHGILUHZRRGVKHDQGWKHRWKHUVVDWE\WKHKHDUWK 5HG%ORVVRPKDGEXLOWIURPURFNVDQGSODQQHGWKHQH[WGD\©VKXQW(YHU\ERG\GHFLGHGWKH\ ZRXOGVWD\LQWKLVFDPSMXVWORQJHQRXJKWRJHWPHDWWKH\QHHGHGDQGUHVW7KH\©GDOVRXVH WKHWLPHWRPDNHQHZWRROVIURPVRPHJUD\ILQHJUDLQHGURFNWKH\IRXQGRQDPRXQWDLQ VLGHWKH\FURVVHGWKHGD\EHIRUH2WWHUZDOORZDQG5HG%ORVVRPQHHGHGVWRQHVFUDSHUVWR FOHDQDQLPDOKLGHVZLWK7KHLUROGRQHVZHUHEDGO\FKLSSHG0RVWRIWKHPHQ©VVSHDUSRLQWV KDGJRWWHQEURNHQRUORVWGXULQJWKHLUKXQWV :KHQWKDWZRUNZDVGRQHHYHU\RQHGHFLGHGWKH\ZRXOGOHDYHWKHULGJHDQGJRWRZDUG WKHULVLQJVXQ2WWHUZDOORZGLGQRWNQRZWKDWODQG(OGHUVDWWKH\HDUO\JDWKHULQJRI IDPLOLHVWROGQRVWRULHVDERXWLWH[FHSWWRVD\WKDWLWOD\EH\RQGWKHLUWUDYHOV6KH©GOHDGKHU IDPLO\RQEHFDXVHWKH\OLNHWKHLUDQFHVWRUVIROORZHGWKHDQLPDOVDQGPD\EHWKHLUFXULRVLW\ LQWRWKHFRUQHUVRIDYDVWXQSRSXODWHGFRXQWU\ )DPLOLHVOLNH2WWHUZDOORZ©VZHUHWKHSDWKILQGHUVLQWR1RUWK&DUROLQD1RERG\NQRZVH[DFWO\ ZKHQWKH\FDPHEXWWKH\ZHUHOLYLQJDFURVVWKHVWDWHE\%&1RERG\NQRZVHLWKHUZKDW WKH\FDOOHGWKHPVHOYHVRUHYHQKRZPDQ\RIWKHPWKHUHZHUH$UFKDHRORJLVWVFDOOWKHVHSHRSOH DQGDOOWKHRWKHUSHRSOHOLYLQJLQ1RUWK$PHULFDWKHQ3DOHRLQGLDQV$UFKDHRORJLVWVFKRVHWKLV ZRUGEHFDXVH3DOHRLVD*UHHNZRUGPHDQLQJDQFLHQWDQGWKH3DOHRLQGLDQVZHUHRXU FRXQWU\©V¥DQGRXUVWDWH©V¥PRVWDQFLHQWKXPDQLQKDELWDQWV/LNH2WWHUZDOORZ©VP\WKLFDO IDPLO\WKH3DOHRLQGLDQVZHUHVNLOOHGH[SORUHUV7KH\NQHZKRZWROHDUQDERXWWKHODQGWKH\ PRYHGLQWRILQGIRRGDQGVKHOWHU %XWZKHUHGLGWKH3DOHRLQGLDQVFRPHIURP":K\GLGWKH\OHDYHWKHLUQDWLYHODQGVRQD ZDQGHULQJWKDWHYHQWXDOO\OHGWKHPWRHYHU\SDUWRI1RUWKDQG6RXWK$PHULFD"+RZFDQZH DFURVVVRPDQ\WKRXVDQGVRI\HDUVNQRZDQ\WKLQJDERXWWKHP"$UFKDHRORJLVWVDGGUHVVWKHVH TXHVWLRQVE\ILUVWMRXUQH\LQJWKHPVHOYHVWRDYHU\GLIIHUHQWWLPHDQGSODFH %HULQJLD7KH-RXUQH\%HJLQV 7KRXVDQGVRI\HDUVDJR&DQDGD©VDQFLHQWODQGVFDSHZDVVWDUNDQGIRUELGGLQJ0XFKRILWZDV EXULHGEHQHDWKVKHHWVRILFHWDOOHUWKDQWKHWDOOHVWFLW\VN\VFUDSHU7KHDLUZDVIULJLG6QRZDQG VOHHWSHOWHGWKHJURXQGLQVWRUPDIWHUVWRUP(YHQZKHQWKHVXQZDVVKLQLQJ&DQDGDOLNHDOO QRUWKHUQFRXQWULHVJRWOLWWOHZDUPWKIURPWKHVXQ©VUD\V7KHFROG©VJULSZDVWRRVWURQJDQGLFH VKHHWVFDOOHGJODFLHUVJRWWKLFNHUZLWKHDFKVWRUP,QWKHSODFHVZKHUHQRJODFLHUVH[LVWHGDORQJ WKHFRDVWVDQGLQWKHFHQWHURIWKHFRXQWU\ZLU\JUDVVODQGVZDYHGLQWKHVWHDG\ZLQGV+HUGVRI VKDJJ\KHDY\FRDWHGDQLPDOVJUD]HG7KLVZDVWKHWLPHZKHQWKHODVW*UHDW,FH$JHNQRZQDV WKH3OHLVWRFHQHKXQJRYHU1RUWK$PHULFD 7KH3OHLVWRFHQHHSRFKODVWHGIURPPLOOLRQ\HDUVDJRWR%&'XULQJWKH3OHLVWRFHQHVR PXFKRIWKHHDUWK©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©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©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©WWDNHORQJIRUWKH LQYHVWLJDWLQJDUFKDHRORJLVWVWREHFRPHH[FLWHG7KHERQHVRQFHIRUPHGWKHVNHOHWRQRIDW\SHRI HOHSKDQWFDOOHGDPDPPRWKWKDWOLYHGGXULQJWKH3OHLVWRFHQH:DVLWSRVVLEOHWKHDUFKDHRORJLVWV ZRQGHUHGWKDWDQFLHQWSHRSOHXVHGWKHVSHDUSRLQWVWRNLOOWKLVLPPHQVHWRQFUHDWXUH" %ODFNZDWHU'UDZ¥DZLQGVZHSWDULGEDVLQORFDWHGEHWZHHQWKHVPDOOWRZQVRI&ORYLVDQG 3RUWDOHVLQ1HZ0H[LFR¥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¥DQGSHRSOHWRR 3HUKDSVDUFKDHRORJLVWVK\SRWKHVL]HG3DOHRLQGLDQVVSHDUHGWKHPDPPRWKVDQGELVRQWKDWJRW VWXFNLQWKHSRQG©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©VEDVHZHUH GXOOHGSUREDEO\WRNHHSWKHPIURPFXWWLQJWKURXJKWKHELQGLQJVZLWK ZKLFKWKHSRLQWZDVDWWDFKHGWRWKHVSHDUVKDIW$UFKDHRORJLVWVDUHQRW VXUHDERXWWKHIOXWH©VSXUSRVH0D\EHLWPDGHLWHDVLHUWRDWWDFKWKHSRLQW WRWKHVSHDU7KHQDJDLQPD\EHWKHIOXWHZDVMXVWDPDWWHURIVW\OH :KDWHYHUWKHFDVHWKHVSHDULWVHOIZDVPRVWOLNHO\SURSHOOHGXVLQJD VSHDUWKURZHURUDWODWO¥DZRRGHQVWLFNZLWKDKDQGOHDWRQHHQGDQGD KRRNDWWKHRWKHU7KHDWODWODFWVDVDOHYHUWKDWLQHIIHFWH[WHQGVWKHDUP RIWKHSHUVRQWKURZLQJWKHVSHDU7KHKRRNHQJDJHVWKHEDFNHQGRIWKH VSHDUDVLWLVSURSHOOHGIRUZDUGZLWKDQRYHUKDQGPRWLRQOLNHWKDWRID EDVHEDOOSLWFKHU7KHDWODWOSURSHUO\XVHGJUHDWO\LQFUHDVHVWKHDFFXUDF\ DQGIRUFHZLWKZKLFKDVSHDUFDQEHWKURZQ $UFKDHRORJLVWVFDQQHYHUNQRZIRUVXUHZK\WKH3DOHRLQGLDQVZKR PDGH&ORYLVSRLQWVVKDSHGWKHPWKHZD\WKH\GLG7KHYRLFHVPLQGV DQGUHDVRQVRISHRSOHGRQ©WH[LVWLQWKHJURXQG2QO\WKHLUSK\VLFDO WUDFHV¥WKHLUDUWLIDFWV¥GR2QHWKLQJDUFKDHRORJLVWVDUHVXUHRI &ORYLV SRLQW /(6621 7+( 3$7+),1'(56 KRZHYHULVWKLV&ORYLVSRLQWVDUHWKHHDUOLHVWLQGLVSXWDEOHHYLGHQFHRISHRSOHLQ1RUWKDQG 6RXWK$PHULFD $Q DWODWO RU VSHDU WKURZHU 1RUWK&DUROLQD©V)LUVW3HRSOHV 1RUWK&DUROLQDLVDORQJZD\IURP1HZ0H[LFRDQGRWKHUSODFHVZLWKVLWHVKDYLQJ&ORYLV VSHDUSRLQWVDVVRFLDWHGZLWKPHJDIDXQDERQHV<HWZKDWDUFKDHRORJLVWVOHDUQIURPWKHVHIDUDZD\ SODFHVKHOSVWKHPLQIHUZKHQSHRSOHILUVWOLYHGLQ1RUWK&DUROLQDDQGZKDWWKHLUOLYHVPD\KDYH EHHQOLNH &ORYLVSRLQWV¥WKRVHHDUOLHVWWUDFHVRISHRSOH¥ZHUHDFWXDOO\QRWGLVFRYHUHGDW'HQWDQG %ODFNZDWHU'UDZ)RU\HDUVEHIRUHVKRYHOVVXQNWKHUHDUFKDHRORJLVWVDOORYHUWKHFRXQWU\KDG FROOHFWHGWKHPGXULQJVXUYH\V%XWWKH\ZHUHDOZD\VRQWKHJURXQG©VVXUIDFH&ORYLVSRLQWV WXUQHGXSLQ1RUWK&DUROLQDWRR)DUPHUV©SORZVFKXUQHGWKHPXS7KH\WXPEOHGRXWRIVWUHDP EDQNV+RZHYHUVXFK&ORYLVSRLQWVZHUHQ©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¥DVWKH\GLGLQPDQ\RWKHUSDUWVRIWKHFRXQWU\¥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©VSHDUVDQGGLIIHUHQWSODQWVZHUHDYDLODEOHWR WKRVHZKRJDWKHUHGWKHPIRUIRRGDQGPHGLFLQH(YHQWKHFRDVWOLQHZDV DOWHULQJEHFDXVHZDWHUIURPPHOWLQJJODFLHUVZDVUDLVLQJVHDOHYHOV2I FRXUVHWKHFKDQJHVZHUHQRWVRTXLFNWKH3DOHRLQGLDQVFRXOGVHHWKHP +XQWHU XVLQJ DQ DWODWO KDSSHQLQJ7KHFOLPDWLFVKLIWZDVSUREDEO\OLNHWU\LQJWRZDWFKDIORZHU EXGEORRP ,175,*8( 2) 7+( 3$67 %HIRUHSHRSOHFDPH1RUWK&DUROLQD©V,FH$JHODQGVFDSHKDGIRUHVWVRIFROGZHDWKHUDGDSWHG WUHHVVXFKDVMDFNSLQHDQGVSUXFH&DOOHGERUHDOWKLVNLQGRIIRUHVWLVLQ&DQDGDWRGD\:KHQ ERUHDOIRUHVWVH[LVWHGLQ1RUWK&DUROLQDSDUNODQGVVFDWWHUHGWKURXJKWKHP&DULERXDQG PHJDIDXQDVXFKDVPDPPRWKVFDPHOVDQGKRUVHVJUD]HGRQWKHJUDVVHV$QRWKHUHOHSKDQWOLNH DQLPDOFDOOHGWKHPDVWRGRQOLYHGLQWKHIRUHVWV(DVWHUQPHJDIDXQDKHUGVZHUHSUREDEO\QRWODUJH OLNHWKRVHLQWKH:HVW$UFKDHRORJLVWVWKLQNWKHJUDVVODQGVZHUHWRRVPDOOKHUHWRVXSSRUWPDQ\ RIWKHODUJHJUD]HUV%\WKHWLPH3DOHRLQGLDQVDUULYHGZLQWHUVZHUHPRUHKDUVKDQGVXPPHUV FRROHUDQGZHWWHUWKDQWRGD\EXWWKHDLUZDVGLVWLQFWO\PLOGHUFRPSDUHGWRHDUOLHU3OHLVWRFHQH WLPHV7KLVDOORZHGKDUGZRRGVHHGVWRVSURXWDQGVWDQGVRIKLFNRU\RDNELUFKDQGHOPKDG EHJXQUHSODFLQJWKHFRQLIHUV$VWKHVHIRUHVWVJUHZWKH\VSUHDGLQWRWKHJUDVVODQGV7KLVUHVXOWHG LQWKHFDULERXDQGPHJDIDXQDKDYLQJOHVVWRHDWDQGWKHLUQXPEHUVGHFOLQHG2WKHUNLQGVRI DQLPDOVKRZHYHUWKULYHGLQWKHGHFLGXRXVIRUHVWV7KHUHZHUHGHHUDQGEHDUVTXLUUHOVDQG UDEELWVUDFFRRQVDQGEHDYHUV 7KHILUVW3DOHRLQGLDQVH[SORULQJ1RUWK&DUROLQDIDFHGWKHVHFKDQJLQJHFRORJLFDOFRQGLWLRQV 7KH\DGDSWHGDQGVWD\HG6RPHDUFKDHRORJLVWVWKLQNWKHHDUOLHVW3DOHRLQGLDQVOLYHGPRVWO\RQWKH 3LHGPRQW0RUH&ORYLVSRLQWVWXUQXSWKHUHWKDQHOVHZKHUHLQWKHVWDWH,QSDUWWKLVSDWWHUQPD\ KROGEHFDXVHWKH3LHGPRQWZDVDQHDVLHUSODFHWROLYHWKDQWKHFROGHU0RXQWDLQV%XWLWPD\DOVR KDYHWRGRZLWKSUHVHUYDWLRQLQWKDW3DOHRLQGLDQVLWHVRQWKHORZO\LQJ&RDVWDO3ODLQPD\QRZEH DUFKDHRORJLFDOO\LQYLVLEOH¥KDYLQJEHHQLQXQGDWHGE\ULVLQJVHDOHYHOVRUGHHSO\EXULHGLQ IORRGSODLQVRLOV $UFKDHRORJLVWVGHEDWHZKHWKHU3DOHRLQGLDQVLQ1RUWK&DUROLQDKXQWHGPHJDIDXQD6RIDUQR GHILQLWLYHHYLGHQFH¥D3DOHRLQGLDQVLWHZLWKVWRQHWRROVDQGDQLPDOERQHV¥KDVEHHQIRXQGLQ WKLVVWDWH7KHKXPLGDLUDQGWKHDFLGVRLOVFDXVHRUJDQLFUHPDLQVWRGHFD\TXLFNO\(YHQZLWKRXW WKLVNLQGRIHYLGHQFHKRZHYHUDUFKDHRORJLVWVFDQIRUPK\SRWKHVHVDERXW3DOHRLQGLDQOLIHZD\V E\UHO\LQJRQRWKHUFOXHV$VSDUWRIWKHLUUHVHDUFKJUDEEDJ1RUWK&DUROLQDDUFKDHRORJLVWVVWXG\ DQFLHQWSROOHQDQGVRLOVDPSOHV7KLVKHOSVWKHPXQGHUVWDQGZKDW1RUWK&DUROLQD©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©VIRUHVWHGODQGILOOHGZLWKQXW WUHHVEHUU\YLQHVVHHGEHDULQJSODQWVDQGPDQ\NLQGVRIELUGVZDVOLNHWKHLUJURFHU\VWRUH$V WKH3DOHRLQGLDQVH[SORUHGDORQJWKHVWDWH©VVWUHDPDQGULYHUEHGVDQGZHQWDFURVVWKH3LHGPRQW WRZDUGWKHFRDVWWKH\OHDUQHGZKHUHWRILQGSODQWIRRGVLQGLIIHUHQWVHDVRQV&KXQNVRIWKH ODQGVFDSHZHUHOLNHVXSHUPDUNHWDLVOHVKLFNRU\QXWVLQRQHSODFHULSHEHUULHVLQDQRWKHU $UFKDHRORJLVWVFDOOWKLVZD\RIOLIHJHQHUDOL]HGIRUDJLQJ ,QPRVWRWKHUZD\V1RUWK&DUROLQD©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©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©KXQWLQJDQGJDWKHULQJOLIHZD\VWD\HGPXFKWKHVDPHWKURXJKRXWWKH\HDUVLW ZDVQRWORFNHGLQWRVDPHQHVV6ORZFKDQJHVGLGRFFXUDQGDQRWDEOHRQHZDVWHFKQRORJLFDO-XVW OLNHZHGRWRGD\HDUOLHUSHRSOHVPRGLILHGWKHLUWRROVWRVXLWWKHLUQHHGV2QHWRRO3DOHRLQGLDQV PRGLILHGZDVWKHLUPDLQKXQWLQJZHDSRQ¥WKHVSHDUSRLQW 7KHZD\SHRSOHVW\OHGSRLQWVGHSHQGHGRQZKHQWKH\OLYHGZKHUHWKH\OLYHGDQGZKDW FRQGLWLRQVWKH\IDFHG6RPH3DOHRLQGLDQVVHWWOLQJLQ1RUWK&DUROLQD©VIURQWLHUVVWDUWHGPDNLQJD GLIIHUHQWNLQGRIVSHDUSRLQWDURXQG%&5DWKHUWKDQPDNHWKHVOHQGHUIOXWHG&ORYLVSRLQW WKH\VWDUWHGFKLSSLQJODUJHVWRQHIODNHVLQWRDGLIIHUHQWOHDIVKDSHGIRUPDUFKDHRORJLVWVFDOO +DUGDZD\7KHZDLVWOLNHQDUURZLQJRI+DUGDZD\©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©VVSLOOZDWHUVWRSURGXFHDOXPLQXPIURPEDX[LWH RUHVKLSSHGLQE\WUDLQ,QWKHVRQHRIWKHDOXPLQXPFRPSDQ\©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©VHDUOLHVWSHRSOHV $UFKDHRORJLVWVFDOOHGWKHVLWH+DUGDZD\QDPLQJLWDIWHUDFRQVWUXFWLRQFRPSDQ\ZKLFKKDG ZRUNHGRQWKHGDPDQGZKRVHFDPSKDGIRUPHUO\EHHQORFDWHGWKHUH7KH+DUGDZD\VLWHLV ,175,*8( 2) 7+( 3$67 WUHPHQGRXVO\LPSRUWDQW,WLVRQHRIWKHIHZVWUDWLILHGVLWHV¥IRUDQ\ SHULRG¥LQ1RUWK&DUROLQD$VDUFKDHRORJLVWVFROOHFWHGDUWLIDFWVRQWKH JURXQG©VVXUIDFHDQGGXJGRZQWKURXJKWKHGLUWOD\HUVRIKLVWRU\WKH\ ZRYHWKHHYLGHQFHLQWRDVWRU\RIGLIIHUHQWSHRSOHVFRPLQJDQGJRLQJ RYHUWKRXVDQGVRI\HDUV(DFKOHYHOZDVOLNHDFKDSWHUDQGWKH VWRU\¥ZKLFKDUFKDHRORJLVWVDUHVWLOOOHDUQLQJ¥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¦6KDGRZVRI1RUWK&DUROLQD©V3DVW§ /HVVRQ¦6KLIWLQJ&RDVWOLQHV§ 6RXUFHV *RRG\HDU$OEHUW&,,,-DPHV/0LFKLHDQG7RPP\&KDUOHV7KH(DUOLHVW6RXWK &DUROLQLDQV7KH3DOHRLQGLDQ2FFXSDWLRQRI6RXWK&DUROLQD2FFDVLRQDO3DSHUV&ROXPELD $UFKDHRORJLFDO6RFLHW\RI6RXWK&DUROLQD :DUG+7UDZLFNDQG536WHSKHQ'DYLV-U7LPH%HIRUH+LVWRU\7KH$UFKDHRORJ\RI 1RUWK&DUROLQD&KDSHO+LOO8QLYHUVLW\RI1RUWK&DUROLQD3UHVV>7KHLPDJHLQWKLVFKDSWHU©V PDLQKHDGLQJLVWDNHQIURP)LJXUH@ :RUPLQJWRQ+0DULH$QFLHQW0DQLQ1RUWK$PHULFDWKHG3RSXODU6HULHV'HQYHU 'HQYHU0XVHXPRI1DWXUDO+LVWRU\ /(6621 7+( 3$7+),1'(56 4XLFN6WXG\ 3DOHRLQGLDQ3HULRGEHIRUH%& 3DOHRLQGLDQVEHORQJWRWKHROGHVWNQRZQFXOWXUDOSHULRGLQ1RUWK$PHULFD$UFKDHRORJLVWV WKLQNWKH\DUULYHGLQ1RUWK$PHULFDGXULQJWKHODVW,FH$JHE\FURVVLQJDODQGEULGJHFRQQHFWLQJ 6LEHULDDQG$ODVND&DOOHG%HULQJLDWKLVEULGJHZDVVRPHWLPHVH[SRVHGZKHQHQRXJKRIWKH RFHDQV©ZDWHUVZHUHORFNHGLQWRJODFLHUVWRGURSVHDOHYHOV $UFKDHRORJLVWVDUHQ©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¦ELJJDPH§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
© Copyright 2026 Paperzz